1) Is a property reassessed on every sale to a new market value or does it maintain the previous assessed value? 

@O'Neil MbakweYou are confusing the tax 'Assessment" with the word "Appraisal".

So you are really assessing the risks of the sponsor up front, and project as it comes through.

In one town near me property taxes are a full percent of assessed value higher than other towns, even in the same county.

Go online and see if you can find the tax assessment card for the property; you can typically Google 'Town Name + GIS", you should get links to the town GIS site. 

I like the low rise buildings (no elevator) they tend to have lower assessments and more rental friendly.

My question for you all: how would you assess our current situation?

With condos it's important to verify that the association allows rentals and that the association is managed well and has reserves for Capex such as roofs and driveways, (in order to avoid getting hit with a big special assessment unexpectedly).

Since in residential investments, the rental payments is relatively easy to assess (people pay rent before they pay medical bills), it's a product that would have a high collection rate and therefore the interest rate can be somewhere between hard money lending and mezz loan rates; all of this without the hassle of a lengthy process and with no resource on the property (just on the person or a direct integration with the rent collection/settings up a lockbox for collecting rents and dispersing them to the owner bank account minus the monthly interest payments).

We are trying to understand how assessments for property taxes may affect our deal when doing the BRRRR method.